Economics

Last week we started our economics unit. Here are some basics we have talked about so far...

Economics - the study of the scarcity of all resources and the choices we make about how to use them.

Scarcity - not enough of something

Because resources are scarce we have to make choices about about how to use them.

Last week we did a coloring activity in class. The problem was that markers were scarce, which caused the students to make decisions. Hopefully this will help the students remember what scarcity is. We have also talked about the differences between needs and wants. (That was definitely an interesting conversation, especially with seventh graders!)

Stay Warm!!